All Forum Posts by: Peter M.

Exactly as Chuy said. Once you have the sign up the tow company will tow it to their lot and the ex-tenant would have to pay to get it out. Doesn't cost you anything. 

The reason people are saying it isn't a good investment is because most people's brains have been conditioned to think that 10% is a good return regardless of risk. If you made a $10 bet at the horse track and made $11 that is a 10% return but was it a good investment? It works the same way in the other direction. 

It just depends on the situation and your goals. You also have to remember that inflation will eat a little of your buying power away over 15 months. With 250k to invest, you could do better than 3.25% in many vehicles with marginally more risk. 

I used the SW card when I was flying SW a lot. Now I fly Delta so I use that CC. I think when I signed up for the SW one (2014) it was a 50k bonus so that could go up it you wait...it could also go down. If you are taking one trip in 2019, that is not going to be enough to get you to 110k. I flew SW for about 2 years and had all my reoccurring bills on it and I never got close to the companion pass. But I have a bunch of miles racked up so I can use them to buy tickets for a companion now anyway. If I had the companion pass I would probably feel pressure to fly with a companion more to make it worth it but that is just spending more money on trips. Just depends on your lifestyle. But if this is just a one time thing for you I don't think its worth it. 

I would let it be until the lease expires. Especially if he pays on time and isn't a problem otherwise. If you went though all the hassle to add her, then they break up, you'll have to go through it all over again. 

If it is only one SFR an excel spreadsheet is easiest and cheapest because most people have it. Just have your client copy the schedule E expense categories into the first column and fill them in each month with a row on the top for rent collected. Very basic formulas will give him NOI, cash flow, and any other metric he wants to see. As for payments, Zelle and paypal are good for personal accounts but if it is a business bank account he is using he can set up ACH or just give the tenant deposit slips to deposit the rent himself.

I can see it both ways but tend to lean toward Nathan simply because you can't evict for non-payment of rent which is usually easier than evicting for a lease violation or breach of contract in this case. 

I have had pretty good luck with Thumbtack. Just get several bids. You are going to have a hard time because it is such a small job, contractors wont want to waste time or money on it if they aren't sure you are serious about hiring them. A licensed plumber will typically run you 150-300/hr plus the cost of the toilet. Maybe more in NJ. 

I am pretty anti carpet unless it is bedrooms or stairs and even then I am hesitant. Every situation is different but although carpet will be the cheapest option I would not resort to it unless I had to. Floating vinyl plank will not ruin the wood floors if you or someone else wants to redo them later, it is pretty cheap, and very easy for a DIY project. Home depot sells pergo and trafficmaster which you can get for as low as $1/sq ft. Order underlayment off Amazon for cheaper than you can get in the stores. 

I would not accept them. Roommate situations can be tough enough for a landlord as it is so adding a bad tenant on top of that is not a good idea. If you are having problems getting it rented or your gut is telling you he is legit or you really want to rent to them for some other reason just get a big extra deposit. Like first and last and double the security deposit. Demand they set up ACH or some other automatic billing  and that only one payment is made (don't let them try and pay their share separately). 40k is a lot. Are you sure it isn't medical? Contract callers sounds like a collection company that the debt was sold to. There should be previous accounts on his report that went bad and then were "charged off" which could tell you what some of it was. I have never used the cozy credit check so I am not sure about how it works. 

House hacking is a pretty general term. It can mean a 2-4 family where you live in one and rent the others or it could mean you do a live in flip. If you are only looking on the MLS, the latter is going to be easier. 2-4 units properties are gobbled up pretty quick. Find areas you want to live, check tax records for those that have absentee owners and try to get in contact with them. Good luck